Is there a way to create a loc/rot/scale shortcut in the context menu?
Addon update
The original tool set in the left hand side 3D view is extremely complicated so I would rather use a naïve method to add operator in both edit and object mode with following tool:

Tweak

Select Box

3D Cursor

Move

Rotate

Scale

Transform



The icon is not the one in tool shelf, that's a new stuff and I can't find a easy way to get those icon value. So I use some similar icon instead.
Indeed pretty handy after using it awhile, should be a useful feature in normal workflow.
...
def menu_func(self, context):
    layout = self.layout
    layout.label(text=&quot;Set Tool&quot;)
    for key, content in __toolset_list.items():
        if content:
            layout.operator(
                &quot;WM_OT_tool_set_by_id&quot;,
                **content
            ).name = key
        else:
            layout.separator()
    layout.separator()
...

I put it in context_menu_toolset.py - GitHub so just go download it and run or install the script. If the addon didn't show up after installment, it should be in Test tab rather then Official or Community.
Non addon method
In Blender 2.83, use space bar can call out the operation panel if you set your space bar function to tools:

You can change your preference here:

You can also assign them directly into quick panel:

Then use Q to call out quick menu:

And you, still, can assign a short cut to the quick menu item:

Finally, you can directly assign the additional short cut in preference.